IRS Forms: Submit Before December 31, 2021
The Alternative Fuel Tax Credit is available to any individual or entity that:
- Sells “alternative fuel” (propane) for use in a motor vehicle or motorboat within the United States, or
- Uses the “alternative fuel” (propane) for such a purpose in the united States.
The amount of the credit equates to approximately 37 cents per gallon of propane (50 cents per gasoline gallon equivalent).
Alternative Fuel Vehicle
Refueling Property Credit
The IRS Code (Section 30C) provides for a nonrefundable income tax credit equal to 30% of the cost of “qualified alternative fuel vehicle refueling property” that includes property used for the storage or dispensing of a “clean burning fuel” (propane) into the fuel tank of a motor vehicle propelled by propane, but only if propane is stored or dispensed where propane is delivered into the fuel tank of vehicles.
For business property – credit cap at $30,000 per location annually.
For non-business property – credit cap at $1,000.